SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained robust in June however, for the first time since last September, monthly sales did not break a historical record.
In June, the Board processed 2,247 sales on its MLS®, a decrease of 24% compared to May and a 31% increase compared to June of last year. Sales continued to remain elevated compared to a typical June – 22% above the ten-year average.
Larry Anderson, President of the Board, said, “In June, we shifted from an extreme seller’s market to a strong seller’s market. Although demand for Fraser Valley homes remains very high – over 40% of active listings sold in June – we’re seeing the market settle down giving buyers and sellers more room to maneuver.
“We’re now seeing more subject offers and for the first time in months, we’re starting to see price reductions.”
In June, the Board received 3,108 new listings, a decrease of 10% compared to last year, and a decrease of 21% compared to May 2021. The month ended with total active inventory sitting at 5,474, a 7% decrease compared to May, and 22.5% fewer than June 2020.
Anderson continued, “A lack of supply continues to be the single largest factor affecting the market. Simply put, to meet current demand and get back to balance, we need about 3,500 more active listings in our region.”
Baldev Gill, Chief Executive Officer of the Board, added, “Effective July 1, as part of Stage 3 of BC’s Restart Plan, REALTORS® are again allowed to hold in-person showings and open houses while continuing to adhere to public safety recommendations.
“For more than a year, our industry has put tremendous effort into keeping the public safe and we will remain vigilant. We’d like to express our sincere appreciation to the public for your continued support and cooperation.”
Across Fraser Valley, in June, the average number of days to sell a single-family detached home was 17 and a townhome was 12 days. Apartments took, on average, 21 days to sell.
MLS® HPI Benchmark Price Activity
• Single Family Detached : At $1,324,400, the Benchmark price for an FVREB single-family detached home increased 0.1% compared to May 2021 and increased 33.2% compared to June 2020.
• Townhomes : At $678,400, the Benchmark price for an FVREB townhome increased 1.3% compared to May 2021 and increased 21.2% compared to June 2020.
• Apartments : At $493,500, the Benchmark price for an FVREB apartment/condo increased 1.0% compared to May 2021 and increased 13.4% compared to June 2020.
Click here to view the June 2021 statistics package.
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